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Trickle-down theory does NOT put money into the pockets of workers.
Trickle-down theory DOES put money into to the bank-accounts of share-holders, however.
And Republicans are banking on that.
Counting on a corporate tax cut to spur the economy, Republicans face a slew of hurdles in delivering the promised benefits of their plan.
by Ben White, politico.com — Nov 30, 2017
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Some economists and corporate executives are already warning that simply lowering tax bills won’t necessarily cause companies to hire more people and pay them better. Instead, they could just wind up returning the extra cash to shareholders.
That could leave President Donald Trump and congressional Republicans celebrating a short-term legislative win that hurts them in the long run, with bigger deficits and little to show for it. And an already deeply unpopular bill — one that includes immediate hikes on some individual taxpayers — could become a serious political headache in 2020 and beyond.
“Frankly, I think they are bonkers,” David Mendels, former chief executive officer of software firm Brightcove, said of the GOP banking on a lower corporate rate to generate bigger worker paychecks. “It really doesn’t work that way. No CEO sits there and says, ‘When my tax rate goes down, I’m going to hire more people and pay them more.’”
Indeed, 42 out of 42 Top Economists AGREE — the current GOP Tax Plan, if passed, would “blow up the deficit”. And as GOP Senator Rubio has explained: “That will mean instituting structural changes to Social Security and Medicare for the future.”
Despite the dire warnings however, the GOP Storm-troopers are marching head-long into their forecasted political demise … especially once they step on that 3rd rail of politics, Social Security.
As Senate Moves Toward Tax Vote, Analysis Shows Measure's Limited Benefits
A nonpartisan analysis from the Joint Committee on Taxation suggests only some Americans will see tax cuts in the years ahead under the Senate bill.
A new analysis from the Joint Committee on Taxation indicates nearly 4 in 10 Americans either wouldn't receive much of a break or would end up paying more in 2019 under the tax reform plan currently being debated in the Senate.
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Meanwhile, a new Reuters/Ipsos poll found that 49 percent of Americans who are aware of what's in the tax plan oppose it, up from 41 percent in October. Only 29 percent of respondents indicated they supported the Senate plan.
More than half of respondents said the wealthy stand to benefit most from what's in the plan, while only 6 percent said it was designed for the middle class.
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“It’s Cut Taxes or Bust” — the new Motto of the indentured-servants of the GOP.
Leo W. Gerard , Contributor, International President United Steelworkers union, HuffPost —
11/29/2017
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Republicans have lost so much, they’re downright desperate for a win. And that’s why they’re pushing a tax scam supported by a mere 25 percent of Americans, according to the latest Quinnipiac Poll.
They’ve just got to rack up a win, consequences and American workers be damned. They’re so desperate that GOP Sen. Bob Corker, a self-described deficit hawk, agreed in committee Tuesday to send the bill to the floor for a vote after he got promises for changes. What he wants is cancellation of the bill’s tax breaks if they don’t stimulate economic expansion as Republicans say they will. The GOP keeps swearing the cuts will cause growth despite the fact that the Bush tax breaks didn’t and despite the fact that the Congressional Budget Office (CBO) projects the cuts will add $1.44 trillion to the deficit.
Some deficit hawk. But, hey, anything for a win.
The GOP: Full Steam Ahead! Damn the Consequences!
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“Consequences” AKA, the average American Worker, and the ‘safe and secure’ Retirees, that they one day hope to become.
Damn those Consequences!
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